Last Minute Ways to Pay for College

If you’re headed to college this fall, you’ve likely received your tuition bill and the deadline to pay is quickly approaching. You might be experiencing some sticker shock; according to CollegeBoard, one year of room, board, and tuition at a private four-year university costs an average of $43,921. Before you start stressing about the lack of a money tree in your backyard, here are a few suggestions for last minute ways to foot the bill if you’re sweating how to cover your costs.

Late Deadline Scholarships

While most scholarships are awarded in the spring, there may be some that are still available and have a later deadline. Search online or with local community organizations to see if there is unclaimed money available.

Cut Unnecessary Costs

Look at ways to reduce any optional costs. Do you really need the most expensive campus meal plan? Can you survive without a car and save on parking? You could save thousands of dollars a year by making a few small adjustments.

Payment Plans

Contact your school’s financial aid office to see what options you might have for tuition payments. Keep in mind that you may have to pay an enrollment or management fee for this service, but it could be worth it if you need more time to come up with extra money.

Work for It

While school should be your number one priority, think about getting a part-time job. Most colleges employ students on campus, and stores and restaurants nearby are used to working around students’ schedules. The money you make could go toward books, housing, or a payment plan if you’ve set one up.

Consider Private Student Loans

Private student loans like those offered by Student Choice were developed for this exact purpose. Once you’ve exhausted all other means of financial aid and payment options, a private student loan can help cover the balance that’s left. When you’re comparing loans, look at interest rates, repayment terms, and fees to make sure you’re selecting the best option for your situation.

To learn more about paying for college and your credit union's Student Choice loan solution, contact us today!